National Australia Bank (NAB) announced today it has entered into an agreement with Clearstream to sell its specialist managed funds services business, Ausmaq Limited (Ausmaq).
Ausmaq administers unlisted managed funds and term deposits for wrap platform providers and wealth managers in Australia. Ausmaq is currently a wholly-owned subsidiary of the NAB Group. The financial impact of the sale is immaterial for NAB.
A wholly-owned subsidiary of Deutsche Börse Group, Clearstream is one of the world’s largest settlement and custody firms for domestic and international securities. Clearstream is an international central securities depository (ICSD) headquartered in Luxembourg.
Ausmaq CEO, Ravi Subramaniam, said, “Today’s announcement is the beginning of an exciting new chapter for Ausmaq. We’re thrilled to be joining an organisation of Clearstream’s calibre – a recognised global leader in post-trade services. Our clients can expect to receive the same exemplary service that they’ve become accustomed to over the years, with increases in the service offering to be introduced over time.”
Completion of the sale is subject to customary closing conditions including regulatory approval and is expected to be finalised in the next few months.
Read the media release about the announcement.